中聯重科(1157.HK)：持股計劃為管理層帶來更大推動力
機構：招銀國際
公司上週五公佈員工持股計劃細則，我們相信計劃有助激發員工能效，為在未來三年為公司實現可持續的盈利增長提供誘因，足以抵消持股計劃所衍生的費用。我們維持目標價7.65港元（基於1.3倍2019年預期市淨率，預測2019-21年的股本回報率為12%-13%）。中聯重科-H仍然是我們的首選。
持股計劃詳情。是次持股計劃覆蓋公司核心管理層和主要員工,最高1,200人，認購價定於每股2.75元人民幣。員工持股鎖定期分為三階段，按照40%、30%和30%的比例，分別在2020、2021和2022年解鎖，期間將受限於中聯重科的淨利潤目標。公司每年必須達到以下兩項條件的其中一項：（1）與基準（2017-19年間的平均淨利潤）相比，2020/21/22年的淨利潤增長率不低於80%/90%/100%）；（2）2020-21年的淨利潤總額較基準增長170%，而2020-22年的淨利潤總額則較基準增長270%。持股計劃仍需等待股東批准。
費用增加，但進一步激發員工能效。持股計劃的股票來源為公司在2019年二季度回購的3.9億股A股（佔總股份的4.96%；均價5.49元人民幣），我們估算中聯重科推出持股計劃所衍生費用在2020-22年約10億元人民幣。不過，我們認為認購價的折扣（2.75元人民幣）對參與者具有吸引力，從而帶來員工強大誘因。
農業機械領域的投資。中聯重科計劃在2020-25年度投資20.5億元人民幣（年度資本支出：3.42億元人民幣）於蕪湖的智能農業機械業務。儘管農機行業一直處於下行週期，但中聯重科認為政府政策扶持農業機械升級對行業有利，將打開新發展空間。在2018年/2019上半年，來自農業機械的收入僅佔公司總收入5%/4%。該業務2018年出現虧損,中聯重科目標是在今年達到收支平衡。我們將2020-21的盈利預測輕微調整-0.5%/-0.5%，主要由於資本支出增加，但我們現時並未把潛在增長計算在內,因此任何業務改善將提供盈利上調的空間。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
